Saga today expressed concern that older people are continuing to experience higher costs of living than the rest of the population.
Inflation has fallen this month, reflecting a sharp decline in electricity and gas price inflation as last Septembers price rises have dropped out of the annual rate of inflation. However, with price rises announced for later this year, this is likely to prove a short-lived easing of inflation. Indeed, we expect that this is the low point in the current inflation cycle.
It seems, therefore, that unless the Bank of England has given up on reaching its target rate of 2%, it may be setting itself up for a fall as these energy price rises will undoubtedly make this target impossible to reach next month.
The fall in inflation should be good news, but rising energy prices combined with sluggish wage increases mean the impact may not be felt.
With energy bills about to rise again and food prices under pressure today's statistics could be the low point if inflation goes up again.